1. Boston Scientific for peripheral vascular devices.

2. The Stryker of vascular surgery tools and implants.

• Vascular Grafts: Biomaterial tubes used to bypass or replace diseased blood vessels, primarily in the peripheral vasculature.
• Embolectomy Catheters: Balloon-tipped catheters designed to remove thrombi and emboli from arteries.
• Vascular Patches: Biologic or synthetic patches used to repair or enlarge blood vessels during vascular surgery.
• CryoTherapy Devices: Systems that use extreme cold to ablate and treat incompetent saphenous veins for venous reflux disease.
• Angioplasty Balloons & Peripheral Stents: Devices used to open narrowed or blocked peripheral arteries and maintain vessel patency.
• Atherectomy Devices: Specialized catheters designed to remove atherosclerotic plaque from peripheral arteries.

LeMaitre Vascular (LMAT) primarily sells its medical devices to other companies and healthcare institutions, not directly to individuals.

The company designs, develops, manufactures, and markets products used in the treatment of peripheral vascular disease. Its customers are the healthcare providers where surgical and interventional procedures are performed. These include:

• Hospitals: These are the primary sites for complex vascular surgeries and interventional procedures where LeMaitre Vascular's devices are utilized by vascular surgeons, interventional cardiologists, and interventional radiologists.
• Ambulatory Surgical Centers (ASCs): For less complex or outpatient vascular procedures, ASCs also serve as a customer base for LeMaitre Vascular's product lines.
• Clinics: Specialized vascular clinics or diagnostic centers that perform interventional procedures may also be customers.

LeMaitre Vascular typically sells its products directly to these healthcare facilities in the United States and internationally, as well as through independent distributors in some regions. Due to the distributed nature of its sales across thousands of healthcare providers globally, the company does not typically disclose specific named "major customer companies" (e.g., specific hospital systems or distributors) that constitute a material portion of its revenue. Therefore, it is not possible to list specific public companies as major customers with their symbols.

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George W. LeMaitre, Chairman & CEO

George W. LeMaitre has served as Chairman and Chief Executive Officer of LeMaitre Vascular Inc. since 2004, and as a member of its Board of Directors since 1992. Prior to his current role, he was an investment banking analyst at Lehman Brothers, an associate at the leveraged buyout firm McCown De Leeuw, and a credit analyst at Connecticut National Bank. The company was founded by his father, George D. LeMaitre, in 1983.

Dorian LeBlanc, C.P.A., Chief Financial Officer

Mr. LeBlanc joined LeMaitre Vascular as Chief Financial Officer in March 2025. Previously, he was the Chief Financial Officer of LumiraDx from 2016 until its acquisition by Roche Diagnostics in 2024, after which he became Roche's Group Head of Finance for the acquired LumiraDx business unit. He also served as Vice President, Global Operations and Chief Operating Officer of LumiraDx. Before LumiraDx, Mr. LeBlanc held several positions with Alere, a diagnostics company that was later acquired by Abbott, from 2007 to 2015.

David B. Roberts, President, Board Director

David B. Roberts has served as President of LeMaitre Vascular since 2007 and as a Board Director since 2001. He joined the company in 1997 as Vice President of Business Development and was promoted to Chief Financial Officer in 2000, a position he held until 2007. Prior to joining LeMaitre, Mr. Roberts was Vice President of Development for BUCA, Inc., an operator of Buca di Beppo restaurants, from 1994 to 1997. From 1992 to 1994, he held various associate positions at Hancock Venture Partners and HarbourVest Partners, both private equity firms.

Trent G. Kamke, Senior Vice President, Operations

Trent G. Kamke has served as Senior Vice President, Operations of LeMaitre Vascular since 2005. He joined the company in 1997 as Quality Assurance Manager and then served as Vice President, Operations from 1999 to 2005. Before his tenure at LeMaitre, Mr. Kamke was employed by Haemonetics Corporation.

Andrew Hodgkinson, Senior Vice President, Clinical, Regulatory & Quality Affairs

Andrew Hodgkinson serves as the Senior Vice President of Clinical, Regulatory and Quality Affairs at LeMaitre Vascular.

Key Risks to LeMaitre Vascular (LMAT)

1. Regulatory Hurdles: LeMaitre Vascular faces substantial regulatory challenges, particularly in Europe, due to the absence of a unified EU-wide approval process for certain allografts, such as its RestoreFlow product. This necessitates navigating individual country-by-country approval pathways, which is a more time-consuming and complex process than a single, overarching authorization. The EU's Medical Device Regulation (MDR) and In Vitro Diagnostic Regulation (IVDR) also impose stricter compliance requirements that impact market access and product development timelines. Delays in securing these approvals can impede market entry and growth.
2. Margin Pressures: The company has experienced margin pressures stemming from a higher mix of lower-margin allograft products and increasing operating expenses, driven notably by sales force expansion, particularly in Europe. For instance, operating expenses saw a 20% rise in Q2 2025 compared to Q2 2024, and the company has experienced occasional misses in earnings per share (EPS). These factors can challenge the translation of robust sales into proportional profit improvements and potentially lead to stock price volatility.
3. Competitive Landscape and Market Disruption: LeMaitre Vascular operates in a crowded peripheral vascular device market that includes both large, established medical device companies and specialized firms. This intense competition can lead to significant pricing pressures. Furthermore, rival innovations constantly pose a threat, with the potential to render LeMaitre's existing product offerings obsolete.

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LeMaitre Vascular's main products and their addressable market sizes are:

• Vascular Grafts: The addressable market for vascular grafts is $3.7 billion globally.
• Aggregate Market Revenue for 9 of 12 Markets where LeMaitre has a #1 or #2 Share: The aggregate market revenue for these markets is $1 billion globally.

Share Repurchases

• On February 21, 2024, LeMaitre Vascular's Board of Directors authorized a share repurchase program of up to $50.0 million of its common stock, valid until February 21, 2025, unless extended.
• On February 18, 2025, the Board authorized a new repurchase program of up to $75.0 million of common stock, set to conclude on February 17, 2026, unless extended.

Share Issuance

• LeMaitre Vascular announced a private offering of $150 million aggregate principal amount of 2.50% Convertible Senior Notes due 2030 on December 16, 2024.
• The net proceeds from this offering are estimated to be approximately $145.9 million, or $167.8 million if initial purchasers fully exercise their option to purchase additional notes. These proceeds are intended for working capital and potential acquisitions or investments in complementary companies, product lines, or technologies.
• Annual shares outstanding for LeMaitre Vascular increased from 20 million in 2020 to 23 million in 2024.

Outbound Investments

• In 2020, LeMaitre Vascular acquired the business and assets of Artegraft, Inc. for $90.0 million.
• The acquisition included $72.5 million in cash paid at closing ($65.0 million to Artegraft plus $7.5 million in escrow released December 31, 2021) and potential earnout payments of $17.5 million based on future sales.
• The Artegraft acquisition was financed using available cash on hand and a $65.0 million senior secured credit facility.

Capital Expenditures

• Property, Plant & Equipment increased from $31.1 million in fiscal year 2020 to $41.57 million in fiscal year 2024, and reached $42.5 million as of September 30, 2025.
• The company continues to make investments in its sales force, new international offices, and regulatory approvals.